let's talk more generally about em. you were saying earlier in the year, em was too expensive. we have seen since then a huge sell-off. is it now cheap enough? >> back then, six months ago, everyone wanted to do it, the story wasn't as good as the markets. i think now em saw off a huge amount, a huge way, i think again, em is not as bound as what we have seen now, but is it the reason to buy now, is it a good time to buy? i don't think so. i think the general mood in the market is so negative, i think this has got further to go. >> clearly there is risk aversion because of political events in syria. but, i mean, it still will come down to presumably a turning point, still depending on what the fed does. at some point, they will start reducing, there is no relief in sight, is there? >> that's the reality. in the end, we're focusing on u.s. data and it seems to be recovering and it is a story of what went into it and emerging markets is coming out.